Business & Investment

Mumbai real estate registrations are on the rise and are expected to break the 10-year record

The gaining momentum in sales may also be due to the aggressive launch pipeline of developers at the start of the holiday season at Ganesh Chaturti earlier this month.

Residential real estate in Mumbai is on the rise, with real estate registrations recorded in the first 21 days of September showing that numbers have exceeded the levels seen in September 2018, over the last decade. Is expected to break the record. Motilal Oswal Financial Services (MOFSL).

According to the report, more than 6,000 units were registered in the first 21 days of September, up from a total of 5,913 units in September 2018. It is expected to exceed a record high of 7,000 units in the last 10 years. The average number of registrations per day in September was 300 units, up from 225 units in August.

Survey results from financial services companies show that the number of real estate registrations continues to grow, even without certain tax deductions and stamp duty exemptions. “With the advent of’Shraadh’, the number of registrations will start to decline, but even if 50 to 100 units are registered every day, the total number of registrations will be about 7,000 units, which will be a record in the last 10 years,” MOFSL said. Analysts say.

The gaining momentum in sales may also be due to the aggressive launch pipeline of developers at the start of the holiday season at Ganesh Chaturti earlier this month.

FE recently plans to launch 2 million square feet in the Mumbai Metropolitan Region (MMR) alone in the coming months, with 25-30 large-scale launches planned and inventories worth Rs 3,750. I am reporting that.

After a long break, the good news is that brand developers are entering the market. Prestige Estates Projects has launched three projects in the Byculla, Mulund and Chembur districts of Mumbai, and another South-based developer, Puravankara, will launch two projects. Oberoi Realty It is understood that he is launching a project in Tane. Suntech Realty We also plan to launch the existing Oshihara District Center and the Naigaan Project.

According to ANAROCK Research, current trends suggest that there will be at least 30-40% growth in both new launches and sales in the ongoing quarter (July-September) compared to the previous quarter. I am. In the second quarter of 2021, 24,600 units were sold in the top seven cities and 36,250 units were launched in the same quarter.

Anuj Puri, Chairman of ANAROCK Group, said: While some developers have already raised real estate prices to increase input costs and increase sales traction, many developers continue to offer transactions and discounts.

Developers are also optimistic that sales momentum will be seen during the festive season. Rohit Poddar, Managing Director, Podder Housing and Development “Record sales of Mumbai real estate are expected to continue and the graph is expected to rise, primarily supported by the holiday season. Homebuyers who were in standby and surveillance mode due to a pandemic are now in the office As I am walking, I am confident that I will be able to register more than 10,000 marks in November. “

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Mumbai real estate registrations are on the rise and are expected to break the 10-year record

https://www.financialexpress.com/industry/mumbai-property-registrations-on-the-rise-expected-to-break-10-year-record/2335753/ Mumbai real estate registrations are on the rise and are expected to break the 10-year record

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